Halifax-based QuickFacts has raised $2 million CAD in seed funding to launch its insurance brokerage workflow platform in Québec and the United States (US).
The all-equity funding round was led by Sandpiper Ventures with participation from St. John’s, Nfld.-based Killick Capital, New York City-based fund InsurTech NY, and numerous angel investors, including Sparkasa Capital managing director Paul Hill, former Aviva managing director Phil Gibson, and former Marsh Canada managing director Neil Mitchell.
Rhiannon Davies from Sandpiper and Hill will each receive a seat on QuickFacts’ board, with another seat being added in the coming months, co-founder and chief revenue officer Jeff Barsalou told BetaKit in an email statement.
Founded in 2020 by Jeff and his wife, president and CEO Christy Barsalou, QuickFacts’ platform aggregates insurance-carrier underwriting information for brokerages, compiling it into a single searchable database that compares carrier information.
The startup said it currently employs 19 people and will use the capital to hire four additional employees that will help it complete its Canadian expansion, break into the US market, facilitate the addition of new product lines, and “explore possibilities with its vendor and carrier partners.”
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In a statement, Christy claimed that US brokerages are experiencing similar pain points to Canadian ones, but on a much larger scale due to market and state differences. She added that using technology is important for brokers to keep pace with rapid carrier information changes.
When QuickFacts first launched in 2022, it was only available in Ontario and Atlantic Canada, before expanding to Alberta in May 2023. In June 2023, QuickFacts raised $1.13 million CAD in convertible debt to help continue the startup’s expansion across Canada. Jeff told BetaKit that QuickFacts has since expanded into Manitoba, Saskatchewan, and British Columbia.
QuickFacts claimed it has experienced a period of rapid growth in the past year, having tripled its number of active users in the past year, which allowed the startup to reach 100 brokerage clients and 2,500 users, as well as forge partnerships within the brokerage industry.
Feature image courtesy QuickFacts.
